•Seeks National Assembly’s nod to borrow $7.8bn, €100m external loans
•Vows not to spare any resources in bid to turn nation around
•Perform or be sacked, president tells ministers, advisers
•British High Commissioner hails FG’s reforms
•World Bank’s commitments in Nigeria since 2020 over $11bn, says country director
Deji Elumoye and Sunday Aborisade in Abuja
President Bola Tinubu has declared that his administration would certainly succeed in its effort to turn the country around and deliver on the expectations of Nigerians, who voted him into office.
Tinubu spoke yesterday at the opening of a three-day retreat organised for ministers, presidential aides, permanent secretaries, and top government officials at State House, Abuja. The theme of the retreat was, “Delivering on the Renewed Hope Agenda.”
Equally, yesterday, Tinubu urged the National Assembly to approve his request to access $7.8 billion and €100 million external loans as contained in the 2022 – 2024 borrowing plan of the federal government. The request was contained in a letter he sent to both chambers of the National Assembly, which was read at plenary by Senate President Godswill Akpabio.
In a related development, the United Kingdom, yesterday, observed that Nigeria was fast becoming a regional and global powerhouse with the various reforms and multi-sector reorganisations initiated by the Tinubu government since he assumed office in May. British High Commissioner in Nigeria, Dr. Richard Montgomery, made the observation in a goodwill message at the presidential retreat.
Speaking at the retreat, Tinubu charged his ministers, advisers, aides, and other government officials to help in the realisation of the administration’s goals. He declared that he would spare no effort in achieving his bid to redeem Nigeria from its current state.
The president reminded participants at the event that everything needed to lift the country from its current condition was within the government’s disposal. And he vowed to deploy as much resources as were necessary to achieve this.
Tinubu told the gathering of cabinet members and friends of Nigeria, “It’s our country, we have no other one, let’s be proud that we’re Nigerians and we can do it, you can show leadership. We can fight to make democracy a lasting reference for the rest of Africa.
“Don’t be afraid to take decisions, but don’t be antagonistic of your supervisor. If they are wrong, debate it. I stand before you and I have claimed several occasions and I’m saying today again, as the president I can make mistakes, point it to me, I will resolve that conflict, that error. Perfection is only that of God Almighty.
“But you are there to help me succeed. Success, I must achieve, by all means necessary. We have great minds, great intellect and all that we need.”
The president also said he would not complain about the enormous task of piloting the country through economic and social recovery. He said he had accepted to inherit all the assets and liabilities of his predecessors.
According to him, “I accept the assets and liabilities of my predecessor, it is part of my professional background. You are in this ship, don’t wreck it. See the minister as part of a team that will navigate and take it out of troubled waters.”
The president mentioned the priority areas of his administration.
He stated, “Healthcare is priority, education is a must. No other weapon against poverty than education. You have the opportunity to change things.”
He alluded to some issues the German chancellor had complained about, saying, “Those obstacles are gone, never to come back, we are open for business.”
Tinubu stressed the need for all public servants to work for the interest of the millions of Nigerians who elected the government. He said ending corruption and pulling at least 50 million Nigerians out of poverty were key goals of his administration.
The president explained, “We are going through the reform, painfully, and we still have other challenges. Don’t be a clog in the wheel of Nigeria’s progress. Let us look forward. Let us be determined that corruption will go, progress will be achieved, better wages for our workers, and living wages.
“We will transform the economy to work for millions of our citizens. We must take 50 million people out of poverty. We must build healthcare that works for all. Look around.
“Don’t be wicked. Look at the standard of education, look at the classrooms, and look at the roads. We can only spend the money, we will find it, we cannot spend the people.
“No crime in borrowing. Thank you World Bank for being a lending friend, but let your achievement be home-grown. The determination that Nigeria can do it is here.”
The president told Nigerians, “Don’t be selfish about it. Poverty is not a shameful thing, it’s only unacceptable and we have to banish it because it’s unacceptable.”
The president emphasised the need for unity among Nigerians, and assured that he was a president of all, regardless of religious, ethnic, political or other affiliations.
He charged participants at the retreat to work towards a great Nigeria, reassuring them that a great Nigeria is possible and a greater Nigeria will come with their commitment, guidance and resolution to give the nation direction.
Tinubu stressed that rebuilding Nigeria was a collective responsibility and called on members of the Federal Executive Council to join hands with him to renew the foundations of the country and return hope to those who had lost it.
He said, “It is our country, we have to build it; we have to renew the foundation. We have to give hope to the near-hopeless. With strong determination, we have brought together the best brains, and the best hands to navigate the future of Nigeria. We cannot complain and give excuses.”
The president stressed that no one succeeded alone. He assured the top government functionaries of his support in the discharge of their duties, and reiterated the need for the participants to be determined and collaborate towards the achievement of the eight-point agenda of his administration.
According to Tinubu, “A great Nigeria is possible and a greater Nigeria will come under our commitment, guidance and resolute determination to give the country a direction. I am with you and, please, be assured that this great country is one family in one house geographically located partitioned and living in different rooms but we are one family.
“And we are here to make allegiance and give direction to that one family, making sure that relationship can only be stronger if we give hope to our people and can only achieve our vision with boldness and strong determination with collaboration.”
He charged civil servants to positively contribute to the success of the Renewed Hope Agenda, cautioning that they must not see political appointees as opportunists.
He stated, “I am here to assure you that I will work with you, the best brains we can put together in civil service, the best brains that we can put together in our democratic parliament and have been chosen for us by the public.
“Don’t see the minister as an opportunist but a partner that you must take this ship forward. Navigate it through turbulent and clear weather. But you are in this ship, you will make good of it but not wreck it.
“We are lucky we have a nation. The challenges are all over the world, you can see the chaos all around you, but be focused and be committed to the values and principles of results that will affect you, your neighbour and the entire nation.”
Tinubu said all participants at the three-day retreat would among other things, sign the Ministerial Performance Bond, which would be periodically reviewed.
He announced the establishment of the “Result Delivery Unit (RDU)”, to be headed by his Special Adviser on Policy Coordination, Hadiza Bala-Usman, to measure the performance of ministers and other top government officials serving in his administration.
The president said all ministers, aides, as well as other top government officials serving in the present administration would sign a bond of understanding with him to enable the government measure their performance with key indicators and reference to objectives of the Renewed Hope Agenda.
The president assured the ministers that he would grant them a significant level of autonomy, provided that they demonstrate intellectual curiosity by asking questions about the reasons, methods, and timing of tasks assigned.
He stated, “At the end of this retreat, you’re going to sign a bond of understanding between you, the ministers, the permanent secretaries, and myself. If you are performing, nothing to fear; if you miss the objective, we’ll review; if there is no performance, you leave us. No one is an island, and the buck stops on my desk.
“I assure you, you have a free hand. You must be intellectually inquisitive to ask how, why, when, and why it must be immediate. You have the responsibility to serve the people.
“I’ve taken a young lady, very dynamic, Hadiza Balla Usman, to head that delivery unit. If you have any complaints about her, see me. If you’re ready to work with her, stay there. Delivery, yes! We must achieve it for the sake of millions of our people.”
Tinubu explained that the evaluation of officials would be across the eight priority areas of his administration, which include food security, economic growth and development through job creation, and ending poverty
Other focus areas include inclusivity: drawing on all skills bass—to prominently feature women and youth in national activities; security—to defend the nation from terror and all forms of criminality; fairness and rule of law—to be impartial and govern according to the constitution and ensure the rule of law; and anti-corruption stance—to discourage corruption whilst strengthening the effectiveness and efficiency of various anti-corruption agencies.
Earlier in his welcome address, Secretary to the Government of the Federation (SGF), Senator George Akume, while delivering the context setting, said the retreat presented an opportunity to deepen participants’ understanding of best practices in conducting government business.
Akume noted that the retreat would specifically keep members abreast of essential government matters, procurement, budgeting, and the anti-corruption drive, while exposing the executives to the Federal Executive Council, role of ministers and the permanent secretaries in managing ministries.
He said, “It will also discuss critical enablers for robust management of relationships with stakeholders of government relating to addressing any tasks and expectations the president may highlight and direct.”
In his goodwill message, British High Commissioner in Nigeria, Montgomery, assured Nigeria of the UK’s continued support in the spirit of mutual respect and partnership. He observed that Nigeria, at the moment, was faced with daunting economic, security and social challenges, but applauded Tinubu’s reform initiatives aimed at addressing the challenges.
Montgomery, who affirmed his country’s renewed partnership with Nigeria, pointed out that Nigeria was projected to become the third largest country in the world by 2050.
He said, “Mr. President, I’d like to recognise Nigeria as a growing regional and global powerhouse. You are likely to become the third largest country in the world by 2050. I applaud your plans to stabilise the economy and put it on a higher growth path to prosperity, on which so much else depends.
“The UK stands ready to support in the spirit of mutual respect. The UK stands ready to stand up on our partnerships across a range of areas and I wish you and your government all best wishes and goodwill in your work ahead.
“Nigeria faces big security, economic and social challenges. In a global context, the big challenges are difficult global economy, shifting geopolitical and foreign policy pressures and, as I said in public before, I applaud the big and bold economic reforms that you are taking forward.”
The UK High Commissioner also told Tinubu, “I admire your leadership of ECOWAS, your strong voice on democracy, and your G20 international engagement, all of which have thrust Nigeria back onto the international stage.
“I also wanted, Mr. President, to use my goodwill message to confirm the UK’s renewed partnership with Nigeria and with your cabinet and with the Nigerian people. Nigeria really matters to the UK. We share history, we share a commitment to democratic politics, we share interests in defence and security, and trade and investment, which has strong people-to-people needs.”
The high commissioner also applauded Tinubu’s initiatives to enhance economic stability and steer the country towards a more prosperous growth trajectory. He added that the eight priorities of the present administration had provided clarity of purpose.
Montgomery stated, “Your administration inherited big problems, it is a difficult time, people are hurting, expectations are high, better deliveries are desperately needed and with global context.
“Your eight priorities under your Renewed Hope Agenda, you provide clarity of purpose, your policy advisory committee has identified plans, performance indicators.”
In his own goodwill message, World Bank Country Director for Nigeria, Shubham Chaudhuri, disclosed that the bank had committed over $11 billion in the past three years for government at both the federal and the sub-national levels.
Chaudhuri assured Tinubu of the bank’s support in his administration’s incredibly important and challenging task of lifting millions of Nigerians out of poverty and making lives better for everyone. He noted that the country was at a critical juncture, and faced the choice to either continue muddling through business as usual, with the risk of things falling apart, or having the courage to chart a new course, to take bold steps to finally see Nigeria rise to its true potential.
The World Bank Country Director said, “I hope that through what we’ve been able to do that we will be able to continue supporting you, as you realise this enormously important task.
“Although we are at the World Bank, we’re a development organisation and over the last three and a half, four years that I’ve been here, our board has committed over $11 billion in financing for the government, and our financing is meant to go to government at both the federal and at the sub-national levels.
“So we’re here to support your programmes, we take guidance from you. But even though we have the World Bank in our name, I hope you will think of us as more than a bank. I mean, I really hope that we will be able to earn your trust that we have something more to offer in the nature of solutions to help you think through and then implement the priorities, the focus areas that you’ve laid out by bringing in ideas and experience.
“Financing is only part of the solution. It’s really the ideas and the vision. So you have my commitment. I and the team, the entire World Bank across the globe, we’re here to support you on that.
“I would also like to say that I feel particularly privileged to have been here in Nigeria these last four years, especially in the last few months, at this critical juncture where Nigeria faced critical choice whether to continue muddling through business as usual, with the risk of things falling apart, growing by the day or have the courage to chart a new course, to take bold steps to really finally see Nigeria rise to its true potential.”
Chaudhuri commended Tinubu’s bold steps since assumption of office to chart a new course for Nigeria and provide the renewed hope agenda that he promised the citizens.
Tinubu Seeks National Assembly’s Nod to Take $7.8bn, €100m External Loans
Tinubu yesterday urged the National Assembly to approve his request to access $7.8 billion and €100 million external loans as contained in the 2022 – 2024 borrowing plan of the federal government.
The president said the Federal Executive Council under former President Muhammad Buhari had approved the loan facility on May 15, 2023, to finance infrastructure, health, education, agriculture, security and other sectors.
He explained that the African Development Bank (AfDB) and the World Bank Group (WBG) had indicated interest to assist the country in mitigating the economic shocks and effects of recent reforms with a sum of $1 billion and $2 billion, respectively.
Part of the letter read, “The Senate is invited to note that following the removal of fuel subsidy and its impact on the economy in the country, the AfDB and the WBG have indicated interest to assist the country in mitigating the economic shocks and recent reforms with a sum of $1 billion and $2 billion, respectively, in addition to the Federal Executive Council approved 2022-2024 external borrowing plan.
“Consequently, the required approval is in the sum of $7,864,508,559 and in terms of euro, €100 million.”
Tinubu said the foreign loans became necessary in order to bridge the financial gap and return the economic activities of the country to normalcy. He noted that if the loan request was granted, the funds would be used to develop infrastructure, agriculture, health, education, water supply, security and employment, as well as financial management reforms.
He said, “The project cuts across all sectors with specific emphasis on infrastructure, agriculture, health, education, water supply, security and employment as well as financial management reforms, among others.
“The total facility of the projects and programmes under the borrowing plan is $7,864,508,559 and €100 million respectively.”
The president added that the projects to be funded with the borrowed fund were selected based on economic evaluation and socio economic development of the country. He said all the projects would be implemented across the 36 states, including the Federal Capital Territory.
Tinubu said, “I would like to underscore the fact that the projects and programmes borrowing plans were selected based on positive technical economic evaluations as well as the expected contribution to the socio-economic development of the country.
“These include employment generation, skills acquisitions, supporting the emergence of more entrepreneurs, poverty reduction, and food security to improve the livelihood of an average Nigerian.
“The projects and programmes will be implemented in all the 36 states of the federation and the Federal Capital Territory.
“In view of the present economic realities facing the country, it has become imperative that we resort to using the external borrowing to bridge the financing gap, which will be applied to key infrastructure projects, including power, railway, health, among others
“Given the nature of these facilities and the need to consolidate the country to normalcy, it has become exigent to request the Senate’s consideration and approval of the 2022-2024 external borrowing plans.
“It will enable the government deliver its responsibilities to Nigerians through expeditious disbursement and efficient project implementation.”
